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Sensex falls 465 points; Nifty PSU Bank up 3%
An across-the-board sell-off enveloped markets in the last hour of trade as an unwavering rise in COVID-19 cases and slower-than-expected pace of vaccination worried investors on Dalal Street. Besides, confidence in the markets took a hit after media reports suggested that banks have approached the Reserve Bank of India (RBI) to grant a 3-month moratorium period courtesy slowdown in economic activity.
| 5 May 2021 6:17 AM GMT
MUMBAI: An across-the-board sell-off enveloped markets in the last hour of trade as an unwavering rise in COVID-19 cases and slower-than-expected pace of vaccination worried investors on Dalal Street. Besides, confidence in the markets took a hit after media reports suggested that banks have approached the Reserve Bank of India (RBI) to grant a 3-month moratorium period courtesy slowdown in economic activity.
An across-the-board sell-off enveloped markets in the last hour of trade as an unwavering rise in Covid-19 cases and slower-than-expected pace of vaccination worried investors on Dalal Street. Besides, confidence in the markets took a hit after media reports suggested that banks have approached the Reserve Bank of India (RBI) to grant a 3-month moratorium period courtesy slowdown in the economic activity. After starting gap-up and staying range-bound for the better part of the day, the 30-share Sensex index succumbed to bear hammering and dropped approximately 850 points from day s high to touch a low of 48,149. The index then mildly recovered to settle the day at 48,254 levels, down 465 points or 0.95 per cent.
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Synopsis
Kedaara Capital has invested Rs 200 crore in the company in 2015 to buy about 25 percent stake held by another private equity firm, ChrysCapital.
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Global private equity fund Warburg Pincus has acquired a majority stake in Parksons Packaging Limited, India’s largest independent folding carton manufacturer.
As part of the transaction, existing private equity investors - Kedaara Capital, Olza Holdings Limited and IIFL, have fully exited their investment in Parksons and the promoters Kejriwal family has sold a partial stake, said a company statement.
Ramesh Kejriwal, Siddharth Kejriwal and Chaitanya Kejriwal will continue to retain their current positions of Chairman, Managing Director and Joint Managing Director, respectively, and will drive the business going forward.